"The recent announcement that Rice University grad student Jun Yao has demonstrated a new memory device has created a stir. As well it should. The new device is non-volatile, offers fast sub-100 ns switching times, can be written 10,000 times and is fully compatible with current CMOS manufacturing processes. A 1,000 bit proof-of-concept chip has been built by a private company."

A 10k write limit is not uncommon in non-volatile memory systems. A few years ago things were even worse. True, with this limit you're not going to be using it as RAM for your PC, but there are plenty of other potential uses for it. It could, for example, make a huge difference to the microcontroller market a few years down the line.

Edit:
WereCatf's post wasn't there when I first hit the comment button, but we're basically trying to make the same point.